"Military families make tremendous sacrifices for our country every day. The company responded on the CFPB website, saying that it believed the firm had acted "appropriately as authorized by contract or law," according to the site.īesa Pinchotti, head of the National Military Family Association, said such predatory practices are unacceptable, especially against military families trying to make ends meet. Your welcome! I'm fighting for your right to rip off hardworking American people, DUVERA!" "I will end up paying out $2,400, which will put $1,600 in this companies pocket. An active-duty service member in Nevada was charged an interest rate of 189% on an $800 loan. Still others wrote about getting a loan to buy a puppy and paying three times the original cost with a loan from EasyPay or Duvera. I still owe about 80% ," the borrower wrote to the CFPB. They said they would fix it but nothing has happened. "I called the company and told them I was a service member and that I couldn't get charged. EasyPay Finance How Auto Repair Financing Works Auto Repair Financing With Approvals Up To 5,000 We pride ourselves on offering flexible financing options to all customers regardless of their current financial situation. One military consumer in Illinois received a $1,500 loan for a car repair and has since made $2,300 in payments but still owes $1,300 - an interest rate of 151%.Īnother military customer in Virginia Beach took out a loan nearly two years ago to repair their transmission but noticed after receiving statements that they were being charged 96% interest. "The FDIC is responsible for supervising TAB Bank and should stop it from abusing its charter by enabling these predatory loans."ĭozens of military personnel have complained to the CFPB or the consumer website Ripoff Report about EasyPay or its owner, Duvera Billing Services, alleging high interest rates, problems with debt collection, harm to their credit reports and issues with automatic payments or the promises rebates of interest if paid within 90 days. "The Department of Defense studied high-interest loans like those issued by EasyPay Finance and TAB Bank and concluded they harmed troops and their families - and undermined military readiness," said Nadine Chabrier, senior policy counsel at the Center for Responsible Lending, in a statement. Officials with TAB Bank did not respond to a request for comment.
Dan BC said that all the financial service products offered to consumers are "in accordance with applicable law, including the Military Lending Act and the Servicemembers Civil Relief Act." "We are transparent about the cost of our services and the repayment options, and there are a wide range of interest rates based on individual credit and products selected."Īccording to EasyPay Finance, it coordinates loans in 30 states with Transportation Alliance Bank. "EasyPay facilitates finance options to ensure that more people have access to credit to pay for their most pressing needs," said the spokesman, identified as Dan BC. In a statement to, an EasyPay Financial spokesman said the company serves a "traditionally underserved community" that often can’t get funding from traditional banks and credit services.
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The National Consumer Law Center is one of several organizations that have petitioned the Federal Deposit Insurance Corporation, which regulates banks, to crack down on these types of arrangements between lenders and banks. "Auto repair shops, pet stores, and other retailers concerned with their reputation should stop steering customers to predatory loans by TAB Bank and EasyPay Finance."
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